Applying Conversational Commerce to Wealth Management: Aligning IT to the Machine World

Industry Trends


This report shares ideas on how wealth managers and banks can implement new AI technology to reap the benefits of new digital customer touch points.

Celent has released a new report titled Applying Conversational Commerce to Wealth Management: Aligning IT to the Machine World. The report was written by Kelley Byrnes, an Analyst with Celent’s Wealth Management practice, and Craig Beattie and Nicholas Michellod, Senior Analysts with Celent’s Insurance practice.

Digital customer touch points provide a new way to interact with customers that emphasizes mobility, speed, and comprehensiveness. We think wealth managers need to identify how these technologies impact sales, portfolio management, and customer service and then adapt their organization to minimize negative consequences.

Wealth managers need to move to an open modular architecture, leveraging digital front ends and combining a powerful product configuration and automated back end components.

“Wealth managers should first evaluate their existing IT infrastructure to identify any functional requirements they may be lacking to move forward with integrating new technology,” commented Byrnes.

“Conversational commerce is improving rapidly. Increasingly, cognitive agents are becoming more human-like. Retail banks have implemented advanced chatbots and are exploring use cases in wealth management,” she added.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
Tel: +1 212 345 1366

Europe (London)
Chris Williams
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Asia (Tokyo)
Yumi Nagaoka
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary



Key Research Questions


The Emergence of New Digital Customer Interaction Tools



Defining Machine-Driven Interactions




Challenges for Wealth Managers



The Evolution of Cognitive Conversation Tools



Business Challenges for Wealth Managers


IT Alignment Considerations



High-Level Architecture



Key Functional Requirements



Back End System Considerations


Celent Recommendations


Leveraging Celent’s Expertise



Support for Financial Institutions



Support for Vendors


Related Celent Research


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